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On Smiles, Winks, and Handshakes as Coordination Devices

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Author Info
Paola Manzini () (Queen Mary, University of London)
Abdolkarim Sadrieh () (Tilburg University)
Nicolaas J. Vriend () (Queen Mary, University of London)

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Abstract

In an experimental study we examine a variant of the 'minimum effort game', a coordination game with Pareto ranked equilibria, and risk considerations pointing to the least efficient equilibrium. We focus on the question whether simple cues such as smiles, winks and handshakes could be recognized and employed by the players as a tell-tale sign of each other's trustworthiness, thus enabling them to coordinate on the more risky but more rewarding Pareto efficient equilibrium. Our experimental results show that such cues may indeed play a role as coordination devices as their information value is significant and substantial.

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Publisher Info
Paper provided by Queen Mary, University of London, Department of Economics in its series Working Papers with number 456.

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Date of creation: Mar 2002
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Handle: RePEc:qmw:qmwecw:wp456

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Related research
Keywords: Coordination games Pareto efficiency Trust Cues Signals

Other versions of this item:

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior

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  16. Berninghaus, Siegfried K. & Ehrhart, Karl-Martin, 1998. "Time horizon and equilibrium selection in tacit coordination games: Experimental results," Journal of Economic Behavior & Organization, Elsevier, vol. 37(2), pages 231-248, October. [Downloadable!] (restricted)
  17. Scharlemann, Jorn P. W. & Eckel, Catherine C. & Kacelnik, Alex & Wilson, Rick K., 2001. "The value of a smile: Game theory with a human face," Journal of Economic Psychology, Elsevier, vol. 22(5), pages 617-640, October. [Downloadable!] (restricted)
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